Blue Trust Inc. Sells 1,656 Shares of Bank of America Co. (NYSE:BAC)

Blue Trust Inc. trimmed its position in Bank of America Co. (NYSE:BAC) by 1.8% during the fourth quarter, Holdings Channel reports. The firm owned 88,018 shares of the financial services provider’s stock after selling 1,656 shares during the quarter. Blue Trust Inc.’s holdings in Bank of America were worth $2,964,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at about $25,000. Castleview Partners LLC acquired a new position in Bank of America in the 1st quarter valued at about $28,000. Glass Jacobson Investment Advisors llc grew its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. ZRC Wealth Management LLC grew its position in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners acquired a new position in shares of Bank of America during the 4th quarter worth approximately $39,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $37.92 on Friday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.00. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The company has a fifty day moving average price of $34.59 and a 200-day moving average price of $31.35. The company has a market capitalization of $299.21 billion, a P/E ratio of 12.35, a PEG ratio of 1.75 and a beta of 1.38.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same period in the prior year, the company posted $0.85 earnings per share. Bank of America’s revenue for the quarter was down 10.2% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.1 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. The Goldman Sachs Group increased their target price on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Wells Fargo & Company increased their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup increased their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Finally, Barclays increased their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

Check Out Our Latest Analysis on BAC

Bank of America Profile

(Free Report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Featured Stories

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.